Nordic Aviation Capital closed $108m ECA financing facility with banks for 6 new ATR 72-600 aircraft on lease to Garuda Indonesia

Nordic Aviation Capital has funded six new ATR 72-600 deliveries with support from export credit agencies. The $108 million ECA facility is guaranteed by Coface. Financing was arranged by Citi and jointly funded by Bayern LB and Citi.

The transaction marks Citi’s first financing of ATRs for a European client, says Citi’s managing director Munawar Noorani. The six ATR 72-600s have been delivered to Garuda Indonesia over the last 7 months.

NAC’s CEO, Kim Graven-Nielsen comments: “We are very pleased with the great interest and support shown in this first part delivery of a hallmark transaction with Garuda in Indonesia – a transaction that involves a significant two-digit number of aircraft to be delivered from NAC over the coming years. The continued support of Citi and Bayern LB is yet another testament to the high confidence in both the regional market and in the ATR product marketed by NAC.”